BUDGET 2010: Osborne introduces bank levy
Dippy Singh, 22 June 2010
A new bank levy is to be introduced from January 2010, the chancellor revealed in today’s Budget.
George Osborne said he would introduce a bank levy from January 2011 which will be imposed on UK banks, building societies and UK operations of foreign banks.
The chancellor said this will generate around £2 billion in revenue a year.
Osborne noted that some commentators have favoured waiting until all countries in the G20 introduce a bank levy.
However, the chancellor added that waiting until this happened wouldn't be right or fair.
He said, ‘Banks should make a fair contribution to the risk they pose.’
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